Here come'.eth' another lawsuit ⚖️

Greetings before your Monday meetings.

Welcome to Switch Daily! 👋

You know? Mondays are like boiled eggs. They are great for you because of all that protein and low calorie intake, but dammit do they taste like Mondays! But, like a freshly brewed cuppa coffee makes the boiled eggs tolerable, we are here to make your Monday taste like Tundey, and not tindey. Let’s get started then!

Here’s what our Monday menu looks like:

• Market pulse

• One name service sues another name service for stealing names.

• Not your normal news

• Monday Meme madness

Market pulse 📈

The market is falling like autumn leaves 🍂

The crypto market closed the week on a bearish note. Ethereum (ETH) and Polkadot (DOT) led the way down, with top cryptos by market cap, including Cardano (ADA), Binance Coin (BNB), Solana (SOL), and Ripple (XRP) all trading in the red. However, Bitcoin (BTC) rose by 0.82%, ending the week with a 9.15% hike to touch $21,834. With this, BTC has traded above $21,000 for the second consecutive session.

After experiencing a mixed session followed by a late pullback, the total crypto market cap is down by $12.5 billion to $1,011 billion ($1.01 trillion) for the session.

Naam mein kya rakha hai? 🫣

Imagine Shahrukh saying “Raj, naam toh suna hi hoga?” and Kajol sueing him with a response “that name belongs to me you jackfruit (you know exactly what she said though)”.

This is what happened with GoDaddy — the site that sells domain names. So, Ethereum Name Service (ENS) developer — True Names Ltd. took GoDaddy to court for the sale of the ‘eth.link’ domain name.

But why is eth.link important to ENS that generates ‘.eth’ domains. Basically, ENS users used eth.link as a bridge to connect ENS domain names to the Web2 domain name system (DNS).

Wait, what did GoDaddy do though? According to True Names Ltd. on August 25, GoDaddy released incorrect information stating eth.link domain was expiring on September 5. But wait, how do domain names expire like food? So, domain names, like your rental agreement expire after a period of time. They need to be renewed. If not renewed, it loses its web address and anyone can lay claim to it.

Although, get this, the guy who was responsible for eth.link’s domain registration renewal, Virgil Griffith, is in prison. But he claims GoDaddy had once already allowed a third party to renew the domain on his behalf. However, this year they just flipped and declined the same.

GoDaddy further transferred the domain to another registrar, Dynadot LLC. This new registrar put the name up for auction which was then bought by the DeFi company, Manifold Finance on September 3 for $851,919.

So now this guy from prison, and his former employer want a minimum of $75,000 from GoDaddy in damages, which btw is excluding legal costs. Additionally, they also appealed for a temporary restraining order against GoDaddy, Inc, GoDaddy.com LLC, along with any employees who directly or indirectly allowed eth.link to expire and be available for purchase by third parties. Talking of butthurt lol.

Moral of the story: Renew your domain names before they expire...or be smart like this writer and put them up for auto renewal! 🤫

What is hot in the news? 🔥

🏎️Ford revs up for drive into the metaverse

Reputed California-based car manufacturer Ford Motor Company filed 19 trademarks for its major car brands on 2 September 2022, revealing its metaverse plans. The trademark applications cover virtual SUVs, cars, vans, trucks, and even clothing. Read more. 

🪂Merge-related airdrop expectations are sucking liquidity out of DeFi

Many ETH owners are ditching DeFi liquidity pools for wallets relevant to the Ethereum mainnet. This has to do with the fact that ETH PoW is expected to emerge as an alternative to the Vitalik-backed Ethereum network after the Merge, Ethereum’s upcoming upgrade. Read more. 

🎉Ethereum is Merge ready — last shadow fork completed successfully

The Ethereum (ETH) team has announced the successful completion of the shadow forks required for the upcoming blockchain upgrade, The Merge. This signals that Ethereum network is ready to migrate to a proof-of-stake consensus mechanism.

👩‍💻Ronin hack: $30 million worth of crypto recovered

A group of investigators, led by Chainalysis’ Crypto Incident Response team, has recovered almost 10% of funds worth $30 million stolen as part of the well-known Ronin hack. Read more. 

Meme of the day…

Well, that's a wrap for today!

See you, tomorrow folks, 👋